In a prepared statement, Morgan Stanley Chairman and Chief Executive John J. Mack, said: "This strategic alliance with Mitsubishi UFJ can put Morgan Stanley in an even stronger position as we look to realize the opportunities we see in the rapidly changing financial marketplace."

MUFG's move follows on another initiative by a Japanese company to capitalize on the turmoil on Wall Street. Earlier Monday Nomura Holdings Inc., Japan's largest brokerage house, agreed to pay $225 million for the Asian operations of failed Wall Street firm Lehman Brothers Holding Inc., people familiar with the matter said.

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Doesn't this dredge up memories of the '80s when our friends' paranoid parents would lecture us that Japan would one day--when we were least expecting it!--dominate the American economy as payback for WWII? (Nope, just us?) Well, anyway, Mr. Dogan, turns out you were right!